Hedge fund Quantitative Research & Trading has closed its doors after investors headed for them.

The New York-based firm, founded four years ago by Millennium Partners veteran Michael Aksman, was hit by a series of investor redemptions, HFMWeek reports. The firm, whose two hedge funds once managed as much as $130 million, could not survive the outflows, despite having joined the AlphaMetrix managed account platform in 2009.

Part of the problem, no doubt, was performance: QRT lost 8% last year, while the average hedge fund earned closer to 10%. The fund also underperformed in 2009, returning just 6.6% when the average hedge fund rose about 20%. But QRT did buck its peers in 2008, soaring 23.4% while the average hedge fund lost double-digits.

UPDATE:A source with knowledge of the matter said QRT had a small positive return in 2010 but the fund administrator applied fees and expenses from H1, when the fund was much larger, to the much smaller fund that existed at the end of the year, resulting in a huge negative relative contribution to annual return.

From the current issue of

The testimony of former FBI Director James Comey came and went with more hype than harm to Donald Trump’s administration. The more important issue is whether Congress spent too much political capital to get comprehensive tax reform done by the end of 2017. The likelihood of significant policy changes is fleeting for the year. Some economists are even losing hope that tax reform will be completed by the midterm elections of 2018.